Question: When using the periodic inventory system, the Merchandise Inventory account is A. not used B. never used when recording purchase discounts, or returns of inventory

When using the periodic inventory system, the Merchandise Inventory account is

A. not used

B. never used when recording purchase discounts, or returns of inventory

C. replaced on the balance sheet with the Purchases account

D. updated after each sale

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Find the court decision located at 2007-1 USTC 50,210. a. Which court heard the case? b. Who was the judge(s)? c. Which tax year(s) is in question and in what year was the case decided? d. Which...

Q:

Question content area top Part 1 When using the periodic inventory system, the Merchandise Inventory account is _ _ _ _ _ _ _ _ . Question content area bottom Part 1 A . replaced on the balance sheet...

Q:

On January 1, 2018, Nori Manufacturing Corporation issued $5,000,000, 10%, 6-year bonds dated January 1, 2018, at 105. The bonds pay semi-annual interest on January 1 and July 1. The company uses the...

Q:

PROBLEM 5: (10 points) Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P600,000; Purchase Returns and Allowances P25,000; Purchase Discounts...

Q:

Assume that Vangundy Company uses a periodic inventory system and has these account balances: Purchases 4 9 0 , 0 0 0 ; Purchase Returns and Allowances 1 4 , 0 0 0 ; Purchase Discounts 1 2 , 0 0 0 ;...

Q:

) The following information is available for Potts Company:Potts, Capital $ 50,000 Potts, Drawing $ 32,000 Sales 510,000 Sales Returns and Allowances 20,000 Sales Discounts 7,000 Cost of Goods Sold...

Q:

) The following information is available for Potts Company:Potts, Capital $ 50,000 Potts, Drawing $ 32,000 Sales 510,000 Sales Returns and Allowances 20,000 Sales Discounts 7,000 Cost of Goods Sold...

Q:

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase...

Q:

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase...

Q:

Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases $476,980, Purchase Returns and Allowances $12,400, Purchase Discounts $7,570, and Freight-In...

Q:

I would like help with my weekly test questions for Accounting. The testis uploaded for your review. Test 3 5-7 Multiple Choice Identify the choice that best completes the statement or answers the...

Q:

Prove the Second Fundamental Theorem of Calculus following the method suggested in Example 6 of section 4.3

Q:

Net income for the year was $45,500. Accounts receivable increased $5,500, and account payable increased by $11,200. Under the indirect method, the cash flow from operations is?

Q:

Compute the Normal Vector to the surface phi ( u , v ) = ( u ^ 2 - v ^ 2 , u + v , u - v ) at P ( 4 , 5 ) and use it to estimate area of small patch

Q:

Lambert Corporation sells merchandise at a list price of $70,000 with accompanying terms of 2/10, n/30 on December 8, 2016. By December 18, 2016, Lambert had collected from customers for merchandise...

Q:

Kellys Fitness Center purchased a new step machine for $16,500. The apparatus is expected to last four years and have a residual valued of $1,500. What will the depreciation expense be for each year...

Q:

For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: Instructions 1....

Q:

Your friend, Amin Akmali, has asked your advice about the effects that certain business transactions will have on his business. His business, Car Finders, finds the best deals on automobiles for...

Q:

Smith Auto purchased a neighboring lot for a new building and parking lot. Indicate whether each of the following expenditures is properly charged to; (a) Land (b) Land Improvement, or (c) Building...

Q:

The following information has been provided by a company: Advertising expense $8,000; Interest expense $3,000; Rent expense for store $10,000; Loss on sale of property and equipment $5,800; Cost of...

Q:

How were the HR functions affected by Hurricane Rita?

Q:

What information might lead you to choose working for the company?

Q:

Which environment factor(s) did Hurricane Rita affect? Discuss.